Life Assurance Cost UK
Totting up the price of life assurance by totting up your family’s expenses.
The life assurance cost UK buyers end up paying can vary widely between suppliers- so consider these thoughts: are you already in some way covered (e.g. through work); what expenditures after your death are you trying to cover, and for how long?
When working out the overall life assurance cost UK customers need to consider a whole raft of issues. Here are just a few:
Have you already got a life assurance policy? You might have got a policy with your mortgage, and your employer also might provide some sort of cover.
What expenses are you trying to cover? Life policies have been taken out to cover just funeral expenses; or at the other end of the scale, to support a family for some years after death. The life assurance cost UK customers would face varies wildly on this criterion.
What State benefits would your dependants be entitled to? This might reduce the amount you’re covered for- although don’t bank on significant state support! Additionally, if you’re aiming to protect your loved ones, rather than cover a debt, you may also find some money for them could come from your personal pension scheme if you have one. Many pensions have a “death benefit”- but be sure it’s designated to pay out to the beneficiary of your choice, so if you haven’t yet made a well, then do so!
Additionally, you are well advised to consider not only your costs and obligations now, but say, 10 years into the future. Were you to die, if you have a young family you might want to consider the expense of their education or university tuition fees. Will there be a National Health Service? Without being political, perhaps you need to think about the future cost of healthcare. You can’t prepare for everything, but when it comes to the overall life assurance cost UK buyers are usually inclined to skimp and therefore underinsure themselves. So save where you can, but don’t leave yourself vulnerable!
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